Mid-Afternoon Market Update: Scholastic Falls After Q1 Results; Akari Therapeutics Shares Surge

Toward the end of trading Thursday, the Dow traded down 0.16 percent to 22,377.54 while the NASDAQ declined 0.23 percent to 6,440.96. The S&P also fell, dropping 0.15 percent to 2,504.43.

Leading and Lagging Sectors

Thursday afternoon, the financial shares surged 0.26 percent. Meanwhile, top gainers in the sector included Mesabi Trust MSB, up 12 percent, and Ebix Inc EBIX, up 6 percent.

In trading on Thursday, telecommunications services shares fell 0.38 percent. Meanwhile, top losers in the sector included Mobil'nye Telesistemy PAO (ADR) MBT, down 3 percent, and Turkcell Iletisim Hizmetleri A.S. (ADR) TKC down 3 percent.

Top Headline

Initial weekly jobless claims declined 23,000 to 259,000 in the latest week. However, economists projected claims to reach 300,000 last week.

Equities Trading UP

Calgon Carbon Corporation CCC shares shot up 62 percent to $21.40 after the company agreed to be acquired by Kuraray at $21.50 per share in cash.

Shares of Akari Therapeutics PLC (ADR) AKTX got a boost, shooting up 67 percent to $9.31 after the company disclosed that it plans to advance Coversin following advice from an FDA meeting.

GSE Systems, Inc. GVP shares were also up, gaining 18 percent to $3.30. GSE Systems reported the purchase of Absolute Consulting for $8.75 million in cash.

Equities Trading DOWN

Scholastic Corp SCHL shares dropped 7 percent to $35.74 following Q1 results. Scholastic reported Q1 adjusted loss of $1.67 per share.

Shares of Acceleron Pharma Inc XLRN were down 7 percent to $35.25. Acceleron Pharma priced an underwritten public offering of 5,405,406 shares at $37.00 per share.

Eros International plc EROS was down, falling around 5 percent to $14.45. Eros Now reported a content deal with Dharma Productions.

Commodities

In commodity news, oil traded down 0.24 percent to $50.57 while gold traded down 1.56 percent to $1,295.90.

Silver traded down 1.75 percent Thursday to $17.03, while copper fell 1.15 percent to $2.935.

Eurozone

European shares closed mostly higher today. The eurozone’s STOXX 600 rose 0.24 percent, the Spanish Ibex Index rose 0.05 percent, while Italy’s FTSE MIB Index climbed 0.61 percent. Meanwhile the German DAX gained 0.25 percent, and the French CAC 40 gained 0.49 percent while U.K. shares fell 0.11 percent.

Economics

Initial weekly jobless claims declined 23,000 to 259,000 in the latest week. Economists projected claims to reach 300,000 last week.

The Philadelphia Fed manufacturing index increased to a reading of 23.8 in September, compared to 18.9 in August. However, economists were expecting a reading of 17.2.

The FHFA house price index rose 0.20 percent for July, versus economists’ expectations for a 0.40 percent growth.

The index of leading economic indicators gained 0.4 percent for August.

Supplies of natural gas rose 97 billion cubic feet, the Energy Information Administration reported. Economists expected a gain of 91 billion cubic feet.

Data on money supply for the recent week will be released at 4:30 p.m. ET.